You may have heard about the new rules relating to applications for lost title deeds which stated that from 25 February 2019 there would be a new process for replacing the lost deed. The new process became necessary due to the high rate of fraudulent transactions where supposed owners/sellers would merely apply for certified copies of title deeds to fraudulently sell and transfer properties.
The new process requires:
That the Application and Affidavit be attested by a Notary Public. This would be quite costly for a client who has appointed a Conveyancing firm with no resident Notary Public. At Myers Attorneys we have a permanent Notary Public and there would be no additional costs in this regard.
That the intention to apply for a certified copy be advertised in the Government Gazette. This would incur a small charge.
That the Application and Affidavit lies open for inspection at the Deeds Registry for a period of two weeks. This would of course cause a delay especially if it is only discovered at the final moments of the transaction that the title deed is lost.
NOTE: THIS NEW PROCESS IS NOW ON HOLD UNTIL FURTHER NOTICE.
There will be a new process soon, but with some amendments:
The Application and Affidavit will most probably not have to be attested by a Notary Public as this would cause inconvenience to the clients.
Not many people read the Government Gazette, therefore it will be a requirement that the Application and Affidavit be advertised in a newspaper within the jurisdiction of the property.
The Application and Affidavit will still have to lie open for inspection at the Deeds Registry for a period of two weeks and this will cause a delay if the fact that the title deed is missing is not picked up straight away.
If there is a mortgage bond registered over the property, the financial institution will have possession of the title deed and if the title deed or bond is missing, the same process will have to be followed.
IF YOU HAVE LOST YOUR TITLE DEED, PLEASE CONTACT US TO ASSIST YOU WITH APPLYING FOR A REPLACEMENT THEREOF BEFORE THE NEW RULES BECOME EFFECTIVE.
For any queries contact Myers Attorneys on 011 346 2422 or reception@myersattorneys.co.za
You can also visit our website www.myersattorneys.co.za